Maputo, Mozambique, 4 June – The government of Mozambique has approved the creation of a state mining company that is intended to play an active role in boosting growth in the industry, the spokesman for the Council of Ministers, Luis Covane said in Maputo.
According to a statement issued at the end of the Council of Ministers meeting, the new company, Empresa Moçambicana de Exploração Mineira (EMEM) has the main aim of geological mining exploration, production and sale of mining products, advisory, consulting and technical assistance, carrying out prospecting and surveys of mining resources and development of partnerships with other national and foreign companies.
On announcing the creation of the new company, Covane noted that with its creation the aim was for the State not to be limited to regulating mining but rather, “to have a more active role in the area, boosting the growth of this industry.”
The comapny’s starting capital is of 2 million meticals and 50 percent of that is owned by the State, 35 percent by state holding company Instituto de Gestão de Participações do Estado and 15 percent by mining fund Fundo de Fomento Mineiro. (macauhub)